Cornerstone Insurance gets new CEO

The Board of Directors of Cornerstone Insurance Plc has announced the appointment of a new Managing Director/Chief Executive Officer, Mr. Livingstone Magorimbo to oversee its insurance operations.

He takes over from Dominic Ichaba, who has been acting in that capacity. The secondment of Mr. Magorimbo as CEO comes as part of a management and technical services agreement that Cornerstone recently entered into with TA Holdings Limited (TA). TA Holdings is a Zimbabwean investment holding company and leading insurance group listed on the Zimbabwean Stock Exchange with interests in the financial services industry spanning non-life insurance, life assurance, reinsurance, asset management and stock broking.

It also has insurance investments and operations in Botswana and Uganda with ambitions to go into other promising African countries.
The new CEO parades an impressive resume and robust pedigree in professional accomplishments as an experienced insurer, actuary and business strategist. He was until his new appointment the Managing Director of Zimnat Life Assurance Company, a leading Zimbabwean life assurance company. He was also a Director of Zimnat Lion Insurance Company, TA Holdingsâ€™ short term insurance company; Sovereign Health, the health insurance operation and Grand Re, the reinsurance company.

Prior to joining Zimnat Life, Mr. Magorimbo worked for Old Mutual Life Assurance Company, with responsibilities for Product Development and Pricing, Actuarial Valuations, Embedded Value Calculations and Experience Investigations for Old Mutualâ€™s life insurance business in Zimbabwe.

Mr. Magorimbo holds a First Class B.Sc Honours Degree in Mathematics from the University of Zimbabwe and is a Qualified Actuary. He is a Fellow of the Institute of Actuaries (UK) and a Fellow of the Actuarial Society of South Africa.

Mr. Magorimbo is not new to Nigeria. From 2008 to 2009, he led the team that supported a two-year consultancy contract with a leading life and health insurance company in Nigeria, focusing on product development and pricing, process re-engineering, channel development and implementation of effective business systems.

Before his stint in Nigeria with the life and health insurer, Mr. Magorimbo has been involved in business due diligence programmes in a number of African countries and prospecting for business opportunities for TA Holdings in Zambia, Angola and Mozambique.

He also successfully led Zimnat Life in crafting its new business model, including re-engineering its business processes to address the changing market environment. This led to the company rationalizing its branch network, product range, staffing levels and its business processes through adoption of the Six-Sigma philosophy that focuses on listening to the â€œvoice of the customerâ€